Supplementary Table: div_priv_ind

The Impact of Liberalizations on Dividend Yields

with Privatization Variable

Panel D:

Official Liberalization

PRIV

NUMC

STDL2

CONCR

FLAT

FXV

XMGDP

CCR

PRE

DURING

POST

AFTER

WALD

coefficient

0.276

-0.276

-0.717

-1.095

0.149

-2.999

-1.519

-0.088

-0.416

-0.565

-0.627

-0.776

2.600

t-stat

0.85

-2.36

-6.05

-1.55

1.77

-2.65

-3.22

-0.20

-3.80

-4.00

-3.81

-4.20

0.107

Panel E:

First Sign

coefficient

0.236

-0.253

-0.730

-1.196

0.160

-2.892

-1.364

-0.170

-0.379

-0.546

-0.906

-1.024

8.620

t-stat

0.74

-2.25

-6.29

-1.75

1.95

-2.58

-3.15

-0.39

-2.25

-2.60

-3.91

-4.23

0.003

Panel F:

Capital Flows

coefficient

0.281

-0.365

-0.759

-1.118

0.153

-3.191

-1.597

0.118

-0.038

-0.126

-0.114

-0.196

0.370

t-stat

0.87

-3.11

-6.29

-1.57

1.83

-2.97

-3.34

0.28

-0.35

-0.91

-0.73

-1.05

0.542

Regession includes country specific intercepts and allows for panel specific heteroscedasticity and serial correlation. The PRIV variable is interacted with the level of concentration, the cross-sectional standard deviation and the number of firms. The PRIV variable is defined in two ways: the market capitization of privitizations for the year divided by last year's market capitalization of the country index (December 31); and a discrete 0,1 variable following the dates in Perotti and van Oijen (1998). The Wald test is whether the dividend yield declines from Pre to Post liberalization.